J & M Heating Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 08277284 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

FOR

J & M HEATING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Wallis

Mrs M Wallis

REGISTERED OFFICE:

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

REGISTERED NUMBER:

08277284 (England and Wales)

ACCOUNTANTS:

Gibson Booth Limited

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

BANKERS:

National Wesminister Bank PLC

P O Box 120

42 High Street

Sheffield

South Yorkshire

S1 2GE

FIXED ASSETS

Intangible assets

4

1,000

4,000

Tangible assets

5

736

1,537

1,736

5,537

CURRENT ASSETS

Stocks

6

2,000

2,000

Debtors

7

31,909

26,134

Cash at bank

28,155

1,635

62,064

29,769

CREDITORS

Amounts falling due within one year

8

41,201

35,142

NET CURRENT ASSETS/(LIABILITIES)

20,863

(5,373

)

TOTAL ASSETS LESS CURRENT LIABILITIES

22,599

164

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

22,597

162

SHAREHOLDERS' FUNDS

22,599

164

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 27 April 2023 and were signed on its behalf by:

Mrs M Wallis - Director

1.	STATUTORY INFORMATION

J & M Heating Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

When the outcome of a transaction can be estimated reliably, turnover from heating and plumbing engineering work is recognised by reference to contract duration.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

25% on reducing balance

Computer and equipment

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2021

and 30 November 2022

30,000

AMORTISATION

At 1 December 2021

26,000

Amortisation for year

3,000

At 30 November 2022

29,000

NET BOOK VALUE

At 30 November 2022

1,000

At 30 November 2021

4,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 December 2021

and 30 November 2022

825

3,680

4,505

DEPRECIATION

At 1 December 2021

537

2,431

2,968

Charge for year

41

760

801

At 30 November 2022

578

3,191

3,769

NET BOOK VALUE

At 30 November 2022

247

489

736

At 30 November 2021

288

1,249

1,537

6.

STOCKS

30.11.22

30.11.21

£

£

Stocks

2,000

2,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Trade debtors

30,864

-

Directors' current accounts

-

23,492

Prepayments and accrued income

1,045

2,642

31,909

26,134

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Trade creditors

19,393

27,341

Corporation tax

11,461

4,455

VAT

8,115

1,546

Directors' current accounts

332

-

Accruals and deferred income

1,900

1,800

41,201

35,142

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.22

30.11.21

value:

£

£

1

Ordinary A

£1

1

1

1

Ordinary B

£1

1

1

2

2

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2022 and 30 November 2021:

30.11.22

30.11.21

£

£

Mr J Wallis and Mrs M Wallis

Balance outstanding at start of year

23,493

3,581

Amounts advanced

28,918

41,565

Amounts repaid

(52,743

)

(21,653

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(332

)

23,493